) after the REIT announced a tender offer for $2.3 billion worth of its debt. It has a Hold rating and a $93 price target. In a note to clients, Jefferies & Co. writes, "SPG's high quality portfolio and strong balance sheet puts it in a better position vs. peers for a challenging retail environment. That said, we have a Hold rating given near term uncertainty around the company's ability to deploy capital in the most accretive manner given a tough acquisition market." Later in the note Jefferies writes, "While we would like to see the company deploy its excess capital towards an accretive acquisition, the reality is that the acquisition market in the retail mall REIT space remains challenged. As such, we believe management's decision to (1) take advantage of improved capital markets by accessing capital at more attractive rates (i.e., $900M at 4.375%) and (2) utilize cash generating 1% return to pay-down debt at higher interest rates (i.e., $1.328B at 6.06%) is a prudent use of SPG's excess liquidity." Shares of Simon Property Group closed at $91.71 yesterday. Analyze Any Stock FREE! Click